WORLD DEVELOPMENT REPORT 2024 - Economic Growth in Middle-Income Countries.
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Budget 2016 17
1. Presented by: Abhijit Nayak
Mizul Das
Jayashree
Presented to: Mr. Anilesh Kapoor
BUDGET 2016-17
2. âą âBudgetâ is the estimation of cost, revenues, and resources
over a specific period for future financial goal.
âą The Annual report on Indian Budget 2016 was announced
âthe third general budgetâ on 29th Feb.
âą The Indian General Budget will primarily focus on
stimulating growth without deviating too much from the
fiscal deficit target as reported by the Financial Minister
Arun Jaitley in his previous Budget.
âą Total budgeted amount was 19,78,060 crores i.e. 10.8% hike
from previous budget.
INTRODUCTION
3.
4. âą Lowering of the corporate tax from 30% to 29%. The first cut in the series
planned to bring it down over the next four years to 25%.
âą Annual Financial Budget 2015 had removed Wealth tax but enhanced the
surcharge on tax from 10% to 12% for earning more than Rs.1 crore a year.
âą About 8.5 crores employees, retirement savings are managed by the
employeesâ provident fund organisation could get an option to transfer over
a third of their EPF contribution to the National Pension System, regulated
by Pension Fund Regulatory and Development Authority or PFRDA.
HIGHLIGHTS
5. âą The present Budget plans to change in the way the Union
Government spends its money, new schemes focused on women
and senior citizens, new law for dealing with black money stashed
abroad, the passage of the Constitutional Amendment Bill for the
introduction of GST
âą To amend the âEmployeesâ Provident Fund Act of 1952â to
make contributions to the employeesâ pension scheme (EPS).
8.33% of their salary that is currently diverted to EPS, into the
National Pension System (NPS)
6. âą Total rural sector allocation Rs. 87,769 crore.
âą Hub to support SC/ST entrepreneurs.
âą Rs. 38,500 crore for MNREGA i.e. "Mahatma Gandhi National Rural
Employment Guarantee Act"
âą Agricultural credit target of Rs. 9 lakh crore.
âą NHAI to raise Rs 15,000 cr through bonds in FY17. Allocated Rs. 800
crore for port development in FY17
âą Rs 1700 crore for Pradhan Mantri Kaushal Vikas Yojana
EXPENDITURES
7. âą Rs 9,000 crore allocated to Swaccha Bharat Abhiyaan
âą Jaitley announces the nine pillars of his Budget-
1) Agriculture and farmersâ welfare,
2) rural sector, social sector including healthcare,
3) education, skills and job creation,
4) infrastructure,
5) financial sector reforms,
6) ease of doing business,
7) fiscal discipline,
8) tax reforms to reduce compliance burden
9) Governance reforms
8. âą New scheme for BPL families for gas connections. Statutory
backing for Aadhaar platform to ensure delivery of benefits.
âą Rs. 2.87 lakh crore for gram panchayats as per recommendation
of 14th finance commission
âą Target of 10,000 kms of national highway and up-gradation of
50,000 kms of state highways in 2016/17
âą Total outlay for infrastructure development stands at Rs 2.21
lakh crore in FY17
9. âą A Higher Education Financing Agency to be set up, with a fund of 1000 cr
âą Rural electrification: 5542 villages in Feb 2016, more than total combined
achievement of previous three years
âą A comprehensive measure used for estimation of price changes in a
basket of goods and services representative of consumption expenditure in
an economy is called consumer price index.
âą CPI inflation was 9.4 per cent in the last 3 years of previous government.
CPI inflation has come down to 5.5% under NDA government, despite two
poor monsoons.
âą CAD has declined to $14.4 billion this year, will be 1.4% of GDP at the end
of fiscal
10. âą Start-ups to get 100 per cent tax exemption for 3 years except MAT which will
apply from April 2016-2019 for creation of jobs
âą Governmentâs bold measures have helped India to stay ahead in
challenging times. Growth exceeded 7.6% despite big fall in exports.
âą 62 new Navodaya vidyalayas to be opened in next two years
âą 3,500 medical stores will be opened under Pradhan Mantri Jan Aushodi
Yojana to make quality medicine available
âą Govt. to spend Rs 850 crore in a few years on animal husbandry, cattle
and livestock breeding